Key Information Document Purpose This document provides you with key information about this investment product. It is not marketing material. The information is required by law to help you understand the nature, risks, costs, potential gains and losses of this product and to help you compare it with other products. Product AXA IM US High Yield Opportunities UCITS ETF USD Accumulation AXA INVESTMENT MANAGERS PARIS S.A., part of the AXA IM Group ISIN IE000IAPH329 Website: https://www.axa-im.fr Call +33 (0) 1 44 45 85 65 for more information Central Bank of Ireland is responsible for supervising AXA INVESTMENT MANAGERS PARIS S.A. in relation to this Key Information Document. This product is authorised in Ireland and in accordance with the UCITS Directive. Date of Production of the KID: 21/02/2025 What is this product? Type Benchmark in terms of the level of holdings of any component. The product is a share class of the Sub-fund "AXA IM US High Yield Opportunities In the process of selection of securities from the Initial Investment Universe, the UCITS ETF" (the "fund") which is part of the ICAV "AXA IM ETF ICAV" (the “ICAV”). Investment Manager notably applies a disciplined and documented analysis of Term the credit fundamentals carried out by an internal and dedicated US high yield This product has no maturity date, and could be liquidated under the conditions team. led down in the instrument of incorporation of the ICAV. The fund may invest up to 10% of its net assets in defaulted and/or distressed Objectivessecurities and up to 10% of its net assets in the units/shares of Eligible Collective Investment Objective Investment Schemes. The fund may also hold and maintain ancillary liquid To seek high income and long-term growth in USD from an actively managed assets and money market instruments. portfolio of high yield bonds.The fund may use financial derivative instruments (“FDI”) including foreign exchange spot, forward contracts and swaps for hedging purposes. The fund may Investment Policy engage in securities lending up to 80% of its net assets with an expected level of The fund is actively managed in reference to the ICE® BofA® US High Yield Index 0-30%. The fund will not enter total return swaps or instruments with similar (the “Benchmark”) in order to capture opportunities in the US high yield bond characteristics neither engage in borrowing of securities nor repurchase/reverse market. agreements. The fund will invest in high yield corporate bonds (i.e. bonds which are rated sub- The fund is a financial product that promotes environmental and/or social investment grade as determined by the Benchmark provider based on the characteristics within the meaning of article 8 of the Regulation (EU) 2019/2088 of average of Moody's, Standard & Poor's and Fitch) that are mainly issued by US 27 November 2019 on sustainability-related disclosures in the financial sector. companies and denominated in USD, such as fixed rate bonds, floating rate Income bonds, convertible bonds not including contingent convertible bonds, callable For Accumulation share classes (Acc), the dividend is reinvested. bonds and perpetual bonds. The fund may also invest in 144A securities where considered to offer the best opportunity for the fund, and may be fully invested in Investment Horizon these securities. The selection of debt securities is not exclusively and The risk and the reward of the product may vary depending on the expected mechanically based on their publicly available credit ratings but also on an holding period. We recommend holding this product at least for 5 years. internal credit or market risk analysis. The decision to buy or sell securities is also Processing of subscription and redemption orders based on other analysis criteria of the Investment Manager. The investor can buy or sell shares of the fund on a daily basis, as further defined As part of the investment process, the fund will invest at least 90% in securitiesin the prospectus. Only Authorised participants can deal directly with the fund. which are components of the Benchmark excluding cash and cash equivalent Intended retail Investor (the Initial Investment Universe). While the Investment Manager has the The fund is designed for retail investors who have some financial expertise and/ discretion when selecting the portfolio holdings to ensure that their or average knowledge to understand the fund but may bear total capital loss. It is characteristics are consistent with its convictions, the fund is restricted in thesuited for clients who seek capital. Potential investors should have an investment extent to which its portfolio holdings can deviate from those of the Benchmark as horizon of at least 5 years. it widely forms the Initial Investment Universe. Such deviation from the Depositary Benchmark is expected to be limited. However, the Investment Manager will STATE STREET CUSTODIAL SERVICES (IRELAND) LIMITED apply its investment process to the Initial Investment Universe and so theFurther Information constitution of the portfolio of the fund is expected to deviate from that of the Please refer to the 'Other relevant information' section below. What are the risks and what could I get in return? Risk IndicatorWe have classified this product as 3 out of 7 which is the a medium-low risk class. This rates the potential losses from future performance at a medium-low level. The risk category associated to this product was determined based on past1 2 3 4 5 6 7observations, it is not guaranteed and can evolve in the future. Be aware of currency risk. You will receive payments in a different currency, so Lower riskHigher risk the final return you will get depend on the exchange rate between the two currencies. This risk is not considered in the indicator shown above. For further information, please refer to the prospectus.The risk indicator assumes you keep the product for 5 years. ! The actual risk can vary significantly if you cash in at an earlystage and you may get back less. The summary risk indicator is a guide to the level of risk of this product compared to other products. It shows how likely it is that the product will lose money because of movements in the markets or because we are not able to pay you. Performance Scenarios The figures shown include all the costs of the product itself, but may not include all the costs that you pay to your advisor or distributor . The figures do not take into account your personal tax situation, which may also affect how much you get back. What you will get from this product depends on future market performance. Market developments in the future are uncertain and cannot be accurately predicted. The unfavourable, moderate and favourable scenarios shown are illustrations using the worst, average and best performance of the product and the suitable benchmark over the last 10 years. Markets could develop very differently in the future. Recommended holding period:5 years Example Investment:$10 000 If you exit after 1 year If you exit after 5 years Scenarios Minimum There is no minimum guaranteed return. You could lose some or all of your investment What you might get back after costs $6 150 $7 090 Stress Average return each year -38.50% -6.65% What you might get back after costs $8 530 $10 340 Unfavourable Average return each year -14.70% 0.67% What you might get back after costs $10 550 $11 900 Moderate Average return each year 5.50%3.54% What you might get back after costs $12 240 $14 740 Favourable Average return each year 22.40% 8.07% The stress scenario shows what you might get back in extreme market Favourable Scenario : This type of scenario occurred for an investment between circumstances.01 2016 and 01 2021. Unfavourable Scenario : This type of scenario occurred for an investment An appropriate benchmark of the product was used to calculate the between 09 2017 and 09 2022. performance. Moderate Scenario : This type of scenario occurred for an investment between 01 2019 and 01 2024. What happens if AXA INVESTMENT MANAGERS PARIS S.A. is unable to pay out? The product is constituted as a separate entity from AXA Investment Managers Paris S.A. In case of default of AXA Investment Managers Paris S.A., the assets of the product kept by the custodian will not be affected. In case of default of the custodian, the risk of financial loss of the product is mitigated because of the legal segregation of the assets of the custodian from those of the product. What are the costs? The person advising on or selling you this product may charge you other costs. If so, this person will provide you with information about these costs and how they affect your investment. Costs over Time The tables show the amounts that are taken from your investment to cover different types of costs. These amounts depend on how much you invest, how long you hold the product and how well the product does. The amounts shown here are illustrations based on an example investment amount and different possible investment periods. We have assumed: - In the first year you would get back the amount that you invested (0 % annual return). For the other holding periods we have assumed the product performs as shown in the moderate scenario. - USD 10 000 is invested If you exit after 1 year If you exit after 5 years Total costs$74$445 Annual cost impact (*) 0.7% 0.8% each year (*) This illustrates how costs reduce your return each year over the holding period. For example it shows that if you exit at the recommended holding period your average return per year is projected to be 4.30 % before costs and 3.54 % after costs. We may share part of the costs with the person selling you the product to cover the services they provide to you. They will inform you of the amount. Composition of Costs One-off costs upon entry or exitIf you exit after 1 year Entry costs 0% We do not charge entry costs on the secondary market.* $0 Exit costs 0% We do not charge exit costs on the secondary market.* $0 Ongoing costs taken each year Management fees and other0.35% of the value of your investment per year. This percentage is based on actual costs over $35 administrative or operating coststhe last year. 0.39 % of the value of your investment per year. This is an estimate of the costs incurred when Transaction costswe buy and sell the underlying investments for the product. The actual amount will vary$39 depending on how much we buy and sell. Incidental costs taken under specific conditions Performance fees (and carried There is no performance fee for this product. $0 interest) *Secondary market: No entry cost applies to investors who buy/sell shares of the fund on stock exchanges. These investors will pay/receive the market price, so they may pay more than the fund's net asset value at the time of their purchase or receive less than the fund's net asset value at the time of their sale. They may be subject to brokerage, trading and/or other fees charged by their intermediary (e.g. broker) and not charged by the fund nor its management company. Primary market: Authorised participants dealing directly with the fund pay the related transaction fees and subscription/redemption fees up to 3% may be applied. How long should I hold it and can I take money out early? Recommended holding period: 5 years This product has no minimum required holding period, the 5 years has been calculated to be in line with the time frame which the product may need in order to achieve its investment objectives. You may sell your investment before the end of the recommended holding period without penalty. The performance or risk of your investment may be negatively impacted. The section "What are the costs?" provides information on the impact of costs over time. Please refer to the "What is this product" section for the redemption procedure. How can I complain? For any complaint, please contact customer service at any time by email, specifying the subject of the message: client@axa-im.com By post to the following address: AXA Investment Managers Paris ( Client Service) Tour Majunga - 6, place de la Pyramide 92908 Paris - La Défense cedex - France. By phone: +33 (0) 1 44 45 85 65 If you have subscribed to one of our funds on the advice of an intermediary not belonging to the AXA Investment Managers Group, we recommend that you file your complaint directly with this institution. Other relevant information You can get further information about this product, including the prospectus, latest annual report, any subsequent half-yearly report and the latest Net Asset Value from the Fund Administrator: STATE STREET FUND SERVICES (IRELAND) LIMITED and from https://funds.axa-im.com/. They are available free of charge. For information about the performance of the product up to 10 years and previous performance scenario calculations, please visit : https://funds.axa-im.com/. When this product is used as part of a unit-linked contract, or similar contract, the additional information, such as the costs of the contract, which are not included in this document, in addition to the contact in case of claim and what happens in the event of failure of the insurance company, must be provided in the key information document of the contract issued by your insurer, broker or other insurance intermediary in accordance with their legal obligation.